1/ Trump has appointed Elon Musk and Vivek Ramaswamy to co-lead the newly created "Department of Government Efficiency" (DOGE).

Their goal? To slash $2 trillion from the federal budget, cutting nearly one-third of total spending.

But what exactly might go? Let's get into it. 2/ The US spent $6.75 trillion in fiscal year 2024, leading to a deficit.

Of that $6.75 trillion, Social Security, health, and Medicare were the biggest expenditures.

1/ OpenAI has been non-profit...until now.

The company is considering a shift to for-profit, with Sam Altman getting a 7% equity stake.

So why the change?

Let's get into it. 2/ OpenAI was founded as a non-profit.

When asked about his "real motivation" on the All-In Podcast a few months ago, Altman made it clear it wasn't equity he was after.

1/ The US yield curve slope has been an indicator for most recessions since WWII.

Yesterday, the longest US yield curve inversion ever ended.

Let's get into what that means. 2/ An inverted yield curve (when short-term yields are higher than long-term yields) typically indicates a looming recession.

But you'll often see the yield curve disinvert just before a recession.

1/ So far, Team USA is leading with 103 medals at the Paris Olympics.

Yet some of the elite athletes bringing home gold, silver, and bronze in Paris went into the red just for the opportunity to be there.

Let's get into it. 2/ At this rate, Team USA may very well surpass the 113 medals won at the 2020 Tokyo Games.

Simone Biles became the most decorated Olympic gymnast, Katie Ledecky took home the most medals for a female Olympian, etc.

1/ It's absolute carnage out there right now.

Yen trade is unraveling. Bank of Japan is raising interest rates. Unemployment is up. Emergency rate cut? Brokerages going down left and right.

Let's get into it. 2/ The stock market crashed today with the Nasdaq 100 dropping almost 6%.

But the trouble started in Japan.

1/ Americans spent $119.84 billion last year on sports betting.

But what was once a fun little way to raise the stakes with your favorite team has led to loan sharks and bankruptcy for many.

Let's get into it. 2/ In 2018, the US Supreme Court struck down a law that prohibited sports betting.

Since then, 38 states have legalized it and a portion of those state populations have gotten way in over their heads.

1/ Sam Altman gave low-income people $1,000/month for three years, no strings attached.

Now, the results of one of the largest guaranteed-basic-income studies are in.

Let's get into it. 2/ Back in 2019, 3,000 Texas and Illinois residents were enrolled in this guaranteed-basic-income study.

The experiment was funded by Sam Altman, who raised $60 million for the study ($14 million of which was his own money).

1/ AI? Intuit is into it.

So into it, in fact, it announced layoffs of 1,800 workers to make room for...1,800 new workers with a focus on generative AI.

Let's get into it. 2/ None of us are strangers to news of tech layoffs at this point, but this round is a bit different.

Seldom do companies let go of employees en masse for non-cost-cutting purposes just to hire about the same number of workers back.

1/ Scarlett Johansson is taking on OpenAI.

The actress hired legal representation after the AI company created a ChatGPT voice that was "eerily similar" to her own.

This isn't her first time going against a huge corporation, though, and winning.

Let's get into it. 2/ ScarJo is no stranger to voice acting.

The 2013 film "Her" used her voice for the AI program, Samantha.

Which is probably why Sam Altman wanted her to record for a GPT-4o voice.

1/ Boomers own twice as many large US homes as millennials right now (per Redfin).

And they aren't moving.

It's caused the housing market to become more stuck than it's been in decades.

Let's get into it. 2/ Around 28% of all homes with 3 or more bedrooms are owned by people:

1. Aged between 60-78 years old
2. Living by themselves or with a partner

AKA empty nesters

1/ The Port of Baltimore is responsible for $15 million in economic activity every day.

And the Francis Scott Key Bridge collapse has it closed until further notice.

But what is the economic fallout from losing this key East Coast trade artery?

Let's get into it. 2/ Besides the loss of life and property, the bridge collapse is an economic nightmare.

"The railroads, the trucking industry, the regional distribution centers, commuters, and other segments of the economy," are all being affected, economist Anirban Basu told Business Insider.

1/ Youtuber @MKBHD recently tested Fisker's latest EV and called it the "worst car I've ever reviewed."

The video has picked up 4.3 million views since he posted it and even reached execs at the company.

But things got really weird when Fisker responded. Let's get into it. 2/ Brownlee had initially asked Fisker to give him a vehicle to review, but they kept delaying.

Tired of jumping through hoops, he found a car dealer willing to let him borrow one.

1/ Google has halted its Gemini AI image generator due to historical and racial inaccuracies.

The AI was "missing the mark," per a company statement, after users came forward citing results like Nazi-era German soldiers being depicted as people of color.

Let's get into it. 2/ Google's Gemini AI (formerly Bard) started offering image generation a few weeks ago and is already under fire.

Users have noted that some of the generated images are chock-full of inaccuracy, especially when it comes to race and historical events.

1/People are done paying $18 for a Big Mac combo meal.

Between 2021 and 2022, prices at limited-service restaurants spiked 8%, per the US Bureau of Labor Statistics.

Customers are fed up, and CEOs are finally taking note. Let's get into it. 2/ Fast-food chains hiked prices during COVID to make up for wage increases, supply-chain disruptions, etc.

But now that we're on the other side of the pandemic, consumers are tired of paying top dollar for what used to be the most affordable food options.

The Apple Vision Pro hits stores today

A thread of the coolest use cases we've seen for the $3,500 spatial computer

1. Rodney Mullen's Skatrix

Looks fun as hell

2. NBA League Pass

Watching the Celtics lose in 4 to the Knicks in this is going to be so satisfying

Bird just filed for bankruptcy

• Peak valuation: $2.5 billion
• Current valuation: $1.6 million

This is a company that raised over $500 million.

Truly an all-time destroyer of value. This should have been a sign

A collection of Charlie Munger's best quotes:

1. "Those who keep learning will keep rising in life." 2. "You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long time."

It's Warren Buffett's 93rd birthday

We can't think of a better way to honor the GOAT of investing than with a memorable piece of wisdom for every year he's been alive

93 of the Oracle of Omaha's best quotes 1. "Rule No.1: Never lose money. Rule No.2: Never forget rule No.1."

Remember the ship that blocked the Suez Canal in 2021, clogging a vital trade passageway for as much as 12% of the world’s seaborne trade?

Well, we may have a similar situation on our hands in the Panama Canal 👇 🧵 A drought at Gatun Lake, which feeds the Panama Canal, has caused water levels to drop significantly.

If it persists, it poses a threat to the recent alleviation of global delivery bottlenecks, potentially causing a surge in shipping costs, consumer demand, & goods shortages.

Yesterday was the biggest day for Apple since the launch of the iPhone

• iOS17
• Vision Pro
• Spatial Computing

Here's a recap of everything that went down at #WWDC23 1. Vision Pro is here

• Cost: $3,499
• 7x as much as Meta Quest 3

Listen to the crowd react to the price lol

In a massive victory for the #MeToo movement, the Senate passed a landmark bill yesterday that bans companies from using forced arbitration to handle sexual assault and harassment cases.

A thread. The backstory:

60 million workers in the US are required by their contracts to settle any sexual misconduct case in private arbitration rather than taking it to court.